HANDOUTS 04-08-2019 - Laserfiche WebLink

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Sales Ratio Studies Sales ratio studies compare the Assessor's Estimated Market Value to the sales price of the property. Sales from October 1, 2017 to September 30, 2018 were used to determine the Estimated Market Value for the January 2, 2019 Assessment. The Minnesota Department of Revenue requires the Assessor to maintain a ratio of 90% to 105%. The final sales ratio for the 2019 assessment is 92.67%. Residential Sales There was a total of 545 residential sales in Elk River that occurred between October 1, 2017 and September 30, 2018. Of that number, 399 sales were considered "good" sales that were included in the Department of Revenue Sales study for the 2018 assessment. The average sale price was $256,328 with an average assessed value of $245,964. An additional 146 sales were not used. These were rejected for such reasons as foreclosuresibank sales, sales to relatives, and relocations. Vacant Land/Lot Sales There were 51 vacant land/lot sale transactions in 2018. This included 3 large transactions for new plats (Monroe Estates, Trace Heights 2"d, and Riverplace 2nd addition, yet to be platted) and 33 individual sales of single family platted lots with an average sale price of $69,200. There were also 7 transactions for platted lots where a builder purchased multiple lots at once; the average sale price per lot in those transactions was $61,000. Residential Building Changes Increases were made to raise the level of assessment. The house schedule was increased an average of 8% with lower value homes receiving a little more of an increase and higher value homes less of an increase. The garage schedule was increased 8% and pole building schedule was increased $2/sf. Residential Land Changes Base rates for residential lots/land were increased 7%. Rural Vacant Land: Base rates are unchanged, $4100 to $4500 per acre. Ag Building Changes Ag house and garage increases followed the residential building schedule.